Affording Senior Living: Financial Options
More resources for financing assisted living are available now than ever before. And at Sunrise, we understand that everyone has unique circumstances that help determine how they can best afford the costs of assisted senior living for themselves or their loved ones.
Aside from the sale of a home or traditional savings, you may qualify for some of the additional options outlined below that provide flexibility and access to resources for assisted living financing.
Elderlife Financial Services
To help seniors and family members navigate through the many options available for financing assisted living, Sunrise is pleased to partner with Elderlife Financial Services.
Elderlife provides seniors and their loved ones with financial information, guidance, and services that simplify the transition to senior living. With a single phone call, your loved one can get a complete solution tailored to their unique needs and resources. This includes help with real estate, veterans benefits, insurance policies, and a short term bridge loan if they need to move quickly.
Highlighted Service: Tax Education
- Residents/families may be able to deduct the cost of Room & Care
- Resulting after-tax cost of senior living can represent a significant savings
Call 1-(866)-506-4244 or visit the Elderlife website
An Elderlife Financial Concierge will help you design a personalized financial plan so your family can start enjoying the assisted living care, service and peace of mind you deserve.
The U.S. Department of Veterans Affairs outlines the benefits available to our senior veterans. War veterans and their spouses may be eligible to receive nearly $2,000 per month to help defray the cost of assisted living or other non-reimbursed medical care through the Aid and Attendance Program.
For more information about financing senior care through veterans’ benefits, contact your Veterans Regional Office, (800) 827-1000.
The Internal Revenue Service
(IRS) offers tax deductions on some costs related to senior care for both the resident and their family caregiver. Sunrise does not provide tax advice, but we suggest reaching out to your tax adviser or accountant for guidance on assisted living financing, as after-tax cost of senior living can represent a significant savings. Tax deductions may apply to suite and care costs.
We encourage you to contact a local Sunrise Senior Living community to learn more or visit the Sunrise Senior Living Blog
A companion living shared suite offers all the features and benefits of senior living homes at a more affordable level. Companion residents enjoy great meals, engaging activities, transportation and most importantly, experienced team members dedicated to compassionate care.
Sunrise Companion Living residents are matched through a common background or interest that can serve as a foundation for a friendship. Companion living eases the transition to the community through the guidance of a roommate who can help with feelings of isolation and depression and can help build confidence and self-worth through a meaningful relationship.
Find a Sunrise Senior Living location in your area to learn more about financing options and the costs of assisted living.
All content contained within this page is provided for general information only, and should not be treated as a substitute for advice and information from a personal financial or tax advisor. Sunrise is not a provider of any of these financial products or of any financial and tax advice, and does not endorse or take responsibility for the accuracy of the information contained on the websites above or receive incentive compensation from the companies and products listed here. Individuals should consult with their personal financial or tax advisor for advice about what financial options are best for them.